Selection of condos available for sale in Downtown San Diego will continue to be tight. As of early 2018 about 3% of the total condo market is up for sale (roughly 325 for sale out of 10,750 total condos). One new high rise condo was completed in 2018 (Pacific Gate) and another new tower (Savina) will be completed in 2019. The next new condo building will be completed some time after 2020, as it has not started yet.
For sale inventory will begin to shrink as we get into the fall of 2019 as buyers run out of brand new condos to buy and current downtown owners will have resold their current condos as they move into the new building. The commercial development of the western waterfront will make the condos in the Columbia neighborhood more desirable. The California Association of Realtors is projecting average prices in the State to increase 3.1% in 2019, following a roughly 7.0 % increase in 2018. So much slower appreciation rates coming, usually if GDP is growing, prices are increasing. Downtown average prices were up only about 1% in 2018, hard to predict 2019, so many outside forces at play which can influence demand, but one thing is for sure, no more new inventory getting added after this year for several years.
Mortgage rates are trending up and the nations economy (GDP) and stock market are also trending up although erratically. Time will tell if the improving economy can create more housing demand than the rising interest rates can slow down.
Rare opportunity! This gorgeous, newly updated top-floor pied-à-terre presents a stunning lifestyle seldom found in a Downtown condo. Bright southeast exposure, soaring 1...
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